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TODAY'S REAL ESTATE BLOG ARTICLE! 7/2/09
Home Remodeling Showing Signs of Recovery, Future Looks Bright
Home Remodeling Showing Signs of Recovery, Future Looks Bright
by Peter L. Mosca
Recent surveys and reports show a picture of the home remodeling industry that is a mixed bag of good news and bad according to home remodeling website remodelormove.com.
The bad news, the most recent semi-annual RemodelorMove.com Remodeling Permit Activity Report of 5,000 homeowners considering remodeling shows a 20 percent decline in the number of remodeling permits issued during the first quarter of 2009, compared to the same quarter in 2008. The first bright spot for the home remodeling industry comes from the first quarter 2009 report, which shows an increase of five percent in the number of homeowners who stated they will probably remodel in the next 12 months.
This is the first increase reported in this benchmark measure of future remodeling plans since 2007, when more than 90 percent of the homeowners who were thinking about remodeling reported they would probably remodel in the next 12 months. Since 2007, this measure of homeowner sentiment has fallen steadily, first when home prices leveled off, then when home prices began to decline, and again following the start of the current recession.
The second bright spot for the home remodeling industry is that the cost to remodel is now 20 percent less than it was in 2006, the result of savings from a variety of sources, including the economic stimulus package, reductions in prices for many materials and home products, and lower bids from contractors as they compete to keep their work crews busy. Details on these savings opportunities are available at www.remodelormove.com.
Other findings from the First Quarter 2009 Remodeling Sentiment Report include:
82% of respondents said the cost to remodel is their biggest concern.
12% of respondents planned to use economical materials when they remodel, while 12% plan to use expensive materials, and the remaining 76 percent will use standard-priced materials.
89% of respondents are changing their remodeling plans because of the current economic recession.
When ready for remodeling work to begin, most homeowners will look to their kitchen and bathrooms to make improvements. According to research conducted by the National Association of REALTORS, more than 50 percent of homebuyers will remodel their kitchen or bathroom within the first three months of purchase – and that that will be the first project on the remodel list.
"The first thing homeowners should consider are the goals for any major remodel project," said Lynn Schrage, marketing manager for Chicago's The KOHLER Store. "Consider your lifestyle now, but don't forget to think about your needs in 5 to 10 years. The kitchen and bathroom are the most frequently used rooms in the home. Careful planning is essential."
Schrage points out that considerations should include style, function, and how a family will be using the space. She added that a design professional can help you manage the planning process and selections, and assign a budget estimate. "Make sure product selections, project details, a timeline, and construction costs are outlined in writing at the start of the project and things should go smoothly.
[Editor's Note: RemodelorMove.com is an online resource for homeowners making the decision about whether it is best to remodel their current homes or to move. Kohler is a global leader in the manufacture of kitchen and bath products, engines and power generation systems, cabinetry, tile and home interiors.]
Leaking Toilet Can Cause More Than Water Loss
Leaking Toilet Can Cause More Than Water Loss
by Phoebe Chongchua
Leaking toilets result in six billion gallons of water loss every day according to Richard Quintana, founder of AquaOne Technologies. That astonishing figure is a real problem with financial and physical effects. Here’s how the water gets washed away. Quintana says there are more than one billion toilets in the U.S. and, according to the American Water Works Association, one out of five leaks. The toilets can lose anywhere from 30 to 500 gallons of water daily just from a small silent leak that is the size of a staple.
According to a report from the Associated Press, handyman jobs are increasing for practical repairs like leaking toilets. These days, in a tough economy, homeowners are trying to preserve their homes and to conserve wherever they can. But, Quintana says it’s not just water loss which translates to financial loss that can hurt homeowners. Leaky toilets lead to black mold and even injuries.
“A senior who had a problem with his toilet getting plugged walked into the bathroom and didn’t notice the water on the floor and had a slip and fall injury,” says Quintana. Due to his age and the injury, the fall landed him in a nursing facility.
That’s why Quintana promotes the use of a small product that’s the size of a goose egg. The product, H2Orb, is a water management system that has a sophisticated microprocessor in it to help with toilet overflows and water loss by detecting, identifying, and resolving toilet malfunctions. The product was initially designed for use in senior housing and assisted living facilities but today it’s being used by homeowners to ward off toilet troubles.
Quintana says the product not only stops overflow but it also tells you where a leak exists. “It can tell you if you have a silent leak. A silent leak is often from a flapper that’s closed but it’s [slightly] warped,” says Quintana. The flapper is the part of the rubber mechanism on the flush valve that seals water into and out of the tank when the toilet is flushed. A silent leak can cause significant water loss.
“The H2Orb can tell you exactly what needs to be taken care of in your toilet. It will show you an icon on the device screen telling you to change a particular part,” says Quintana. The device actually sounds an alarm and stops the water flow. For more information visit “A toilet overflow creates a tremendous amount of property damage and one leaky toilet alone can cause that in your home,” says Quintana.
Here are a few tips to help prevent water loss and leaks.
1. Check toilet for cracks. Even a tiny crack in a toilet can cause significant water damage that may not be visible unless inspected thoroughly.
2. Make sure the base of the toilet is sealed using special waterproof caulking.
3. Replace flappers every two to three years or as needed.
4. Install appropriate device to detect leaks and manage possible toilet overflows.
5. Check for toilet sweat. Not a pleasant concept, it can cause water damage. In regions where the water coming into the toilet is colder than the humidity in the room, the toilet can produce condensation and leave a puddle of water behind the toilet.
Toilet insulation kits are available. They provide rigid pieces of foam that fit inside the tank and prevent the cold water from touching the tank walls. Or you can buy a new toilet with an insulated tank.
Leaking Toilet Can Cause More Than Water Loss
by Phoebe Chongchua
Leaking toilets result in six billion gallons of water loss every day according to Richard Quintana, founder of AquaOne Technologies. That astonishing figure is a real problem with financial and physical effects. Here’s how the water gets washed away. Quintana says there are more than one billion toilets in the U.S. and, according to the American Water Works Association, one out of five leaks. The toilets can lose anywhere from 30 to 500 gallons of water daily just from a small silent leak that is the size of a staple.
According to a report from the Associated Press, handyman jobs are increasing for practical repairs like leaking toilets. These days, in a tough economy, homeowners are trying to preserve their homes and to conserve wherever they can. But, Quintana says it’s not just water loss which translates to financial loss that can hurt homeowners. Leaky toilets lead to black mold and even injuries.
“A senior who had a problem with his toilet getting plugged walked into the bathroom and didn’t notice the water on the floor and had a slip and fall injury,” says Quintana. Due to his age and the injury, the fall landed him in a nursing facility.
That’s why Quintana promotes the use of a small product that’s the size of a goose egg. The product, H2Orb, is a water management system that has a sophisticated microprocessor in it to help with toilet overflows and water loss by detecting, identifying, and resolving toilet malfunctions. The product was initially designed for use in senior housing and assisted living facilities but today it’s being used by homeowners to ward off toilet troubles.
Quintana says the product not only stops overflow but it also tells you where a leak exists. “It can tell you if you have a silent leak. A silent leak is often from a flapper that’s closed but it’s [slightly] warped,” says Quintana. The flapper is the part of the rubber mechanism on the flush valve that seals water into and out of the tank when the toilet is flushed. A silent leak can cause significant water loss.
“The H2Orb can tell you exactly what needs to be taken care of in your toilet. It will show you an icon on the device screen telling you to change a particular part,” says Quintana. The device actually sounds an alarm and stops the water flow. For more information visit “A toilet overflow creates a tremendous amount of property damage and one leaky toilet alone can cause that in your home,” says Quintana.
Here are a few tips to help prevent water loss and leaks.
1. Check toilet for cracks. Even a tiny crack in a toilet can cause significant water damage that may not be visible unless inspected thoroughly.
2. Make sure the base of the toilet is sealed using special waterproof caulking.
3. Replace flappers every two to three years or as needed.
4. Install appropriate device to detect leaks and manage possible toilet overflows.
5. Check for toilet sweat. Not a pleasant concept, it can cause water damage. In regions where the water coming into the toilet is colder than the humidity in the room, the toilet can produce condensation and leave a puddle of water behind the toilet.
Toilet insulation kits are available. They provide rigid pieces of foam that fit inside the tank and prevent the cold water from touching the tank walls. Or you can buy a new toilet with an insulated tank.
Buyers: Know What You Need to Know in Making a Contract Offer
Buyers: Know What You Need to Know in Making a Contract Offer
by David Fialk
Be it the real estate market in 2009 or any other real estate market for that matter, the structure of a real estate purchase contract offer can be the difference in it being accepted or rejected.
No, the offering price is not the only factor in negotiating a contract to purchase a home.
Regardless of the number of pages in the sales contract, a contract offer can be broken down into 3 separate parts which can be important to the seller: Price, Terms and Conditions.
Each has to be satisfactory in order to obtain seller acceptance. In some situations, full price offers are not acceptable due to the buyer's terms and conditions in the contract offer. In other instances, contracts get accepted and signed even though the offer was much lower in price than other competing offers, but was more favorable for the seller in terms and conditions.
What then is the secret in preparing and submitting a contract offer to buy real estate? This is where the value of an experienced REALTOR and Buyer's Agent is with providing assistance in preparing and structuring the contract offer in a manner that does not create questions or concerns for the seller and their listing agent when it is presented to them.
There is more to purchasing a home than just looking at houses, whether the home is in Iselin or Colonia, New Jersey, in Middlesex County or any other state for that matter.
The first step toward purchasing a home is obtaining Mortgage Pre-Approval from a reputable Mortgage Lender (Mortgage Pre-Approval Versus Mortgage Pre-Qualification), and be sure a copy is included with the contract offer. Why? The first question to be asked by the seller and listing agent at a contract presentation will be "Does the buyer have Mortgage Pre-Approval? And this is where the benefit of a Mortgage Pre-Approval letter provides advantages over a standard Pre-Qualification letter.
Secondly, there is no cardinal rule that there must be some fixed amount that a seller will negotiate from their asking price. Home buyers need to obtain factual sales information about the market area, and section of Town, they are considering buying in before submitting an offer. While it is very likely that sale prices have declined in the past few years, they have not dropped equally in all Towns and in all neighborhood locations.
Remember Economics 101 from Grammar School: "What's true of the whole may not be true of the parts." That is what I am referring to here. Real estate values are local, and various factors influence market value such as buyer demand, amount of homes for sale, mortgage rates, local economic conditions and so on and so on. As important, similar design and size homes may differ in value due to condition and improvements.
In preparing a contract offer, it is important that a buyer obtain a Market Analysis for the property being considered. A report like this can be prepared by the buyer's agent and it should contain information comparing similar properties which are active on the market for sale, homes which expired and did not sell in the past six months, under contract sales and closed sales in the past six months. This information should also provide the asking price history and days on market before sold. With a report like this, a buyer can then have a better understanding of the real estate market and be better prepared when submitting a contract offer.
It is highly recommended that buyers obtain a blank contract of sale and addendums early in the home searching process. Contracts can be intimidating to many buyers. It would be much better to review the contract documents in advance of making a contract offer. Making a contract offer is an important decision. Being properly prepared is an important aspect of making a successful contract offer.
Thirdly, buyers should be completely aware of their personal finances and the total costs of purchasing a home. Buying a home involves down payment, expenses occurred during the purchase, such as mortgage application fee, inspection fees, and closing costs. It is important for buyers to obtain the estimates related to transaction expenses and closings costs. When a buyer is not properly prepared for expenses like these, they could have an affect on exactly how much a buyer has for the down payment which then could affect how much is needed in a mortgage to complete the purchase.
Buyers should be educated and informed when making an offer to buy a home.
Surprises are for birthdays, not buying a home!
A Recession Is A Horrible Thing To Waste
A Recession Is A Horrible Thing To Waste
by Peter L. Mosca
[Note: To follow is an excerpt of an interview with David O. Kingston, Chairman and CEO of Kingston Companies, an Idaho Falls, Idaho privately held group of 25 enterprises with a concentration in real estate development, agriculture, and power generation; Michael Anderson, Founder and co-owner, Nate Hanks, Co-Owner and Blaine Walker, President, all with RealSource in Salt Lake City, a commercial real estate provider of a full menu of institutional level services and products to help the entrepreneurial real estate investor invest well. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/052709.]
Mosca: The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the US financial system by ensuring deposits in banks and institutions for at least $250,000. Since the start of FDIC insurance on January 1, 1934 no depositor has lost a single cent of insured funds as a result of a failure. Over the past 20 years there have been a number of failed banks, an average of nine a year throughout the United States. However, as of March 1, 2009 there were 29 failed banks this year alone. Why did you decide to get involved with FDIC and invest in distressed assets?
Kingston: As you look around at investment opportunities you realize there is a huge slowdown in the acquisition or buying and development of raw property. FDIC assets appear to be the best investment vehicle to preserve, accumulate or make profit.
Mosca: Is working with the FDIC a straightforward process or is there a complex series of rules and regulations one needs to understand in order to successfully steer through to secure these types of packages?
Anderson: We are an investor with the Kingston Group. There was a process that they went through and there are defined rules that they have to follow as a fiduciary responsibility both to the FDIC but more importantly to the taxpayers.
Kingston: The real key with the FDIC is that normally they give you a very short time horizon in which to qualify. In this case we had just a few weeks to put together a package, to show our qualifications, to submit a bid and then we just have a few days to post 10% of your bid and a few weeks to close. It takes an incredible articulate team to put these kinds of bid packages together and ultimately win the bid. It's something the timing has a lot to do with.
Mosca: This team that you referred to is the team that we have on the air with us right now. You are talking about the Kingston Companies, RealSource, and various other members of this particular team. Right Dave?
Kingston: In this case that team actually predates some of our current partners. It was a group of Kingston employees that put the package together and then submitted it. Once we were the winning bidder than some of our partners joined us. In fact, that's when most of like I said the requirement to fund this happens very quickly and that's when the rest of the group got involved subsequently.
Mosca: There are a number of assets that the FDIC actually offers investors from failed banks like loans, real estate, and even things such as office equipment, furniture, computers, copiers, printers, all of these different things. For the purposes of our show here today, can you tell our listeners at about the package that you have?
Kingston: It’s a package of distressed loans and some performing loans, and a lot of raw land. Our package is primarily in five states -- Utah, Nevada, Arizona, Idaho, and Arkansas. It consists of a lot of raw land and developments in various stages, some hotels, mini storages, some office buildings, some apartment buildings, golf courses, and a variety of similar assets.
Mosca: What are the opportunities that exist for investors right now?
Walker: The opportunities for the investor are to purchase loans that are below the original market value. It provides an opportunity for an investor to get in and purchase a loan depending on their interest level whether it's a subdivision, lot, or multiple lots, or some houses as Dave has indicated. There are office buildings, a few mini storage units or just raw land. So, it depends on the investor and what their interest level is and the type of property they are looking for. They come in and make an offer that the group would then evaluate and decide whether or not it was one they are willing to accept. We’ve seen a realization of anywhere from as high as 60%, 74% of the original loan value which gives a tremendous opportunity for an investor to come in and purchase a property or the note at way below the original appraised value of the property. Most of these loans were obviously less than the original appraised value so they may be 80% or 70% of the original loan value. Most of them have personal guarantees by the borrowers so give the investor and opportunity to come in and make an offer on property that they are interested in and buy those notes substantially below what their original value was.
Mosca: That sounds like it is a win-win for everyone involved. Can you talk to us about the win-win situation that this creates?
Hanks: The biggest win-win is that several parties are involved: the FDIC, the taxpayer, the investors who have invested in this project and then the possible opportunities for investors looking to buy notes. Many people can be helped on this as long as they are able to expose these notes and get them out there to the general public and get them to an end user that is most interested in taking care of that asset.
Anderson: I’ve been through this process before in the late 80s and early 90s with the Resolution Trust Corporation. Anyone who has been around the business for that long realizes that there was a tremendous resetting of property values in the country and all of that spelled doom and gloom for a lot of people that were invested prior to that hyper inflated condition. My biggest remembrance of that is the opportunity that presented to everybody that had cash and had the ability to invest after that time. I think there was more money made in the three or four years after the 1989 collapse of the S&L and the Resolution Trust Corporation coming in and selling off those assets. I know several people that made tens of millions of dollars during that period of time. I think the opportunities today are far greater. If you have the ability to invest, this is the time to do it. This is where you can make a fortune in buying these distressed assets.
Mosca: Do you think that the government and the professionals at the FDIC are more flexible with firms and groups like yours to accommodate the interests by investors and its need for capital?
Kingston: Absolutely. They attempted to give enough latitude in the structure to allow more entrepreneurial management of these assets. In the RTC days it was more an institutionalized process. They went to Wall Street and people closer to the FDIC. There is a major shift to try to get out and get into more Main Street America with these new packages and make it more available to property management people per se and not just somebody that goes out just wholesaling assets in large blocks. In terms of investors today, there’s a much greater opportunity and it’s been designed that way so the small investor can actually participate in this as opposed to the RTC days when many of those packages were very large packages and were on a wholesale basis to other institutions.
Mosca: That’s important. The opportunity exists for the beginner, intermediate, and the advanced real estate investor to really take advantage of these opportunities. Can you talk a little bit about pooling considerations or the individual loans themselves as they relate to size, quality, type, location, all of those types of things within the package that you have available to the investor today?
Walker: Our scope is to help expand the offerings and expose them to more and more investors, which hopefully will get a greater return to the FDIC and hence a greater protection to the taxpayer. The Kingston Group currently has a system that has worked well whereby offers come in and are reviewed by their staff and workout specialists.
Mosca: Is there a way for you to be able to work with an investor and figure out what asset or assets might be more advantageous than another?
Hanks: We will take an investor and sit down and talk with them and understand where their risks are and what they are mostly interested in and what makes sense for them. For me, it’s going to depend on their experience. Do they know developers? There are some homes that are finished and do they or are they interested in being an end-user in a home? There is such a wide variety of assets all the way from what are called paper lots or raw ground with subdivisions to completed homes that are worth millions of dollars. It really depends on the level of expertise of the end-user and of the investor.
Mosca: All prospective purchasers or investors do not have the financial sophistication or the resources sufficient enough to evaluate and bear the economic risks of purchases like these. Is that where the value of having someone like RealSource on your side comes into play?
Hanks: You hit it on the head. The key in the industry right now is to be able to find a good opportunity and a good deal in a good market that makes sense for that investor.
Stay tuned next week for Part 2 of this interview.
Published: June 25, 2009
Next Stage of Green Building Industry to Focus on Water Efficiency
Next Stage of Green Building Industry to Focus on Water Efficiency
by Peter L. Mosca
Over the next five years, water efficiency and conservation will become critical factors in green design, construction and product selection, according to McGraw-Hill Construction's latest SmartMarket Report, Water Use in Buildings, released in support from The Chicago Faucet Company and Sloan Valve Company. Architecture and engineering (A/E) firms, contractors and owners report that water efficiency is rapidly becoming a higher priority than other aspects of green building, such as energy efficiency and waste reduction.
“This study sheds light on the shift in what will define a green building," said Harvey Bernstein, vice president of Industry Analytics, Alliances & Strategic Initiatives, McGraw-Hill Construction. "The results are especially telling--the increasing importance of water issues, the business benefits from water-efficient products and processes, and building owner buy-in all point to how critical it will be for the industry to address responsible water practices in the future." According to the United Nations Environmental Program, buildings consume 20 percent of the world’s available water, a resource that becomes scarcer each year. Efficient practices and products, such as grey water treatment and low-flow plumbing fixtures, provide significant opportunities for the A/E industry to respond to this trend and build high-tech, low-water-demand projects that will turn the tide on the water crisis and create the conscientious buildings of tomorrow.
“We regard sustainability as an opportunity to travel down new roads with our customers," said John Fitzgerald, Director of Marketing, The Chicago Faucet Company. "Sustainability and social responsibility are closely interrelated and are important subjects for Chicago Faucets in thinking and acting in research and development and in production. Sustainability is the foundation of why, ultimately, we sponsored this research." The report covers involvement levels and growth opportunities over the next five years, as well business benefits, motives and obstacles encountered in this advancing market. Highlights include:
Industry involvement and the perceived importance of water efficiency are growing dramatically. By 2013, 85% of industry reports that water efficiency will be an extremely important aspect of a green building, up from 69% this year.
Owners are especially committed to water-efficient practices, with 42 percent reporting that more than three-quarters of current projects incorporate water-efficient designs; 50% expect to incorporate water-efficient practices in at least half of their building portfolios by 2013.
Business benefits are the key growth drivers as companies focus on the bottom-line. Primary motivators include reducing energy use (87%) and reducing operating costs (84%). Respondents report that on average, applying water-efficient designs and products lead to 15% less water use, 10-11% less energy use, and an 11-12% reduction in operating costs.
Increased government regulation and the desire to lower energy costs are also expected to trigger faster adoption of water-efficient products and methods. Seventy-three percent of respondents are motivated by energy cost increases, while more than two-thirds expect to respond to regulations on wastewater runoff (69%) and water efficiency (68%).
A/E firms, contractors, owners, and product manufacturers can take advantage of this market opportunity by quantifying and explaining to customers how water-efficient practices and products can contribute to improved building performance. Current brand awareness is strongest for high-efficiency toilets (identified by 48% of respondents), water-saving sinks (30%), and waterless urinals (23%).
Water Use in Buildings is the latest green building SmartMarket Report from McGraw-Hill Construction Research & Analytics. More information can be found at .
[Editor’s Note: McGraw-Hill Construction serves more than one million customers within the $5.6 trillion global construction community, www.construction.com. Survey sponsor information, www.chicagofaucets.com/ and www.sloanvalve.com.]
Real Estate Outlook: Housing Starts Are Up Again
Real Estate Outlook: Housing Starts Are Up Again
by Kenneth R. Harney
The most bearish of Wall Street economic analysts have made the same point for the past 18 months. There's no recovery or rebound in the housing market, they said, until home builders start building again.
"Show us positive numbers on new home starts for a few months," they say, "and then we will we agree that the housing market has finally turned around."
Hey there bears, here are the numbers you asked for: Last week the Commerce Department reported an unexpectedly large increase in new single family home starts during May - up by seven and a half percent.
That was the THIRD consecutive monthly gain in single family starts. Total starts, including multifamily apartment starts and condos, were up by 17 and a half percent!!
Not only were starts up a lot, but so were other key indicators of future home building activity: single family permits, which surged by about 8 percent. That was the second straight monthly gain in permits - and points to at least moderately higher starts in the coming six months to a year.
On top of the good news about new construction, which has clearly been the weakest segment of the housing market since 2007, we also got some other positive reports last week:
Consumer confidence, which is extremely important for home buying, was up again for the fourth consecutive month, according to the University of Michigan's consumer sentiment survey.
Even retail sales were up slightly -- and that's an important sign that people are slowly coming out of the shell they've been in since last Fall, and are now starting to spend money again.
The latest inflation readings -- both the Consumer Price Index and the Producer Price Index -- were down slightly in May. Despite rising gas price, a dollar bought a little more in goods and services last month than the month before. That's good.
The National Association of Home Builders now projects that the current recession will end in the second half of 2009, with a one point five percent growth rate in the overall economy between July and December.
Finally, mortgage rates took a slight dip last week after several weeks of increases. Fixed thirty year rates averaged about 5.5 percent last week, according to the Mortgage Bankers Association, after climbing to 5.6 percent the previous week.
Many lenders had actually been quoting much higher rates - all the way to 6 percent - because of inflation fears in the bond market.
We've definitely got to keep our eye on mortgage rates, but otherwise the rebound appears to be underway.
Washington Report: U.S. Financial Regulatory System
Washington Report: U.S. Financial Regulatory System
by Kenneth R. Harney
There's no question about what had Washington buzzing the most last week - and that buzz is likely to continue for months.
It was the unveiling of President Obama's far-reaching plans to reform the U.S. financial regulatory system - including important changes affecting home mortgages and real estate.
Though the plan is aimed mainly at banks, hedge funds, Wall Street and insurance companies , it also focuses on protecting consumers who take out mortgages, credit cards and other forms of debt.
Obama wants to create a new super-department - called the Consumer Financial Protection Agency - that would have the power to review, regulate and even ban loan products considered too risky for the mass market consumption.
It would be able to oversee first and second mortgages marketed by any source - from banks to mortgage companies, credit unions or brokers.
For Realtors, builders and mortgage companies, the new agency would take over a slew of important legal powers. For example, it would become the sole regulator for RESPA - the federal Real Estate Settlement Procedures Act.
That law, administered by HUD since 1974, covers many key aspects of the home buying process - from the upfront “good faith estimates,” or GFE, disclosures to the settlement sheet itself.
Equally important, RESPA bans kickbacks, sets guidelines for title insurers and settlement service providers, and creates complex rules governing all “affiliated businesses” in the real estate, mortgage and title fields.
Under the Obama plan, all this would be shifted from HUD to a new, potentially more aggressive consumer protection agency.
The new department would also get full authority over the Truth in Lending Act from the Federal Reserve Board and the Federal Trade Commission.
It would also be the sole regulator for the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, and the Fair Debt Collections Practices Act - all of which are now in other agencies' bailiwicks.
The White House white paper covering the plan said the new agency “should give consumer protection an independent seat at the table in our financial regulatory system.”
Though real estate and mortgage trade groups generally made muted comments on the Obama plans, bankers came out swinging.
Edward Yingling of the American Bankers Association said his members “are dumfounded by the scope” of the consumer protection agency - creating a whole new layer of oversight and bureaucracy.
“It's not like the current regulators don't (already ) have all the authority they need,” he said.
Hot Market: Central US Market Turns in Springfield, Illinois
Hot Market: Central US Market Turns in Springfield, Illinois
by M. Anthony Carr
Springfield, Illinois, one of the central markets in the country, is starting to show signs of a turn-around. Sales are still down compared to year over year, however, the number of listings have dropped month after month, coupled with pending sales on the rise, as well. Here are the numbers according to Springfield bloggers Fritz and Kristi Pfister of Re/Max Professionals.
May listings are down 18.5 percent with pending sales up more than 7 percent (which is the second month in a row for pending sales to outpace 2008 levels. April’s pendings were up more than 10 percent and the pendings were down 28 percent. The growth in pending sales against a backdrop of shrinking inventory will stabilize the Springfield market and surrounds, creating an end to the current buyers market and slowly push prices upward from its average sales price today of aboutg $107,000.
Why the seemingly strong real estate performance? The jobless rate is lower than the national numbers at 6 percent- which is actually quite healthy. Houses are where the jobs go at night and Springfield hosts one of the strongest job markets at this point, in the country.
Selling Home May Be Influenced by What Buyers Can't See
Selling Home May Be Influenced by What Buyers Can't See
by Phoebe Chongchua
It’s not always what buyers can see in a home that causes them to want to buy it or not. Sometimes it’s the way the home feels. I’m not talking about staging, the size, or how spacious the home is, although those factors are important too. In this column I’m focusing on how buyers’ allergies may be affected when they tour your home.
“We have about 300 million Americans and about 60 million of them have allergies or asthma,” says, Mike Tringale, Director of External Affairs for the Asthma and Allergy Foundation of America (AAFA).
Allergy problems can be debilitating for sufferers. Many will go to great lengths to avoid any possible influences that might bring on symptoms. Allergies and asthma are increasing, Tringale says, “some of that may actually be because of the houses we’re living in.” He adds, “it all comes down to the air quality in the home.” According to AAFA, there are some simple steps that you can take to help clear the air in your home and reduce any harmful fumes—making it more appealing to those with allergies and even those without.
Tringale says do this three-step process: take an organized approach to looking at how your home is built, look at materials used in your home, and understand the types of cleaning agents that you’re using and how they can affect indoor air quality.
Check for mold. Mold is one of the most common indoor allergens. “Look for cracks in foundation. Check to see if the windows are completely sealed or if moisture is getting in—too much moisture can lead to a mold problem,” says Tringale. He adds that there are also housing products, such as wallboard, that are mold resistant. So be sure to check for those items when replacing housing materials.
Clean with hydrogen peroxide or sodium perborate not bleach. Bleach is a common cleaning chemical but it has a very strong odor and, people with highly sensitive allergies to bleach, often immediately can sense symptoms coming on even if with just a brief exposure to the chemical.
Use PVC-free shower curtains. Hard to imagine that a pretty shower curtain can wreak such havoc on people’s allergies, but the polyvinyl chloride shower curtains can release more than 100 volatile organic compounds (VOCs) including two (toluene and xylene) that are classified as hazardous pollutants by the Environmental Protection Agency. Having PVC shower curtains hanging around while your home is being shown can make those suffering from allergies feel the need to escape quickly.
Opt for area rugs instead of wall-to-wall carpeting. The U.S. Green Building Council provides information on “going green,” the Council says carpeting can be particularly troublesome because the padding underneath is very difficult to clean or remove for drying. Carpets also harbor dirt, organic detritus, and moisture and can become a significant source for mold and mildew. Instead use area rugs over a hard-surface floor. The Council also recommends avoiding all biocide-treated (moth repellent) wool or cotton carpets.
Use products that contain low volatile organic compounds (VOCs). A lot of homeowners will paint just before they list their homes for sale. But Tringale says, if you do, be sure to use paints that contain low VOCs. “Many paints contain volatile organic compounds and smells that can linger for weeks and cause all kinds of symptoms including eye irritations for people,” says Tringale.
“If you’re re-staining your floors ask for the low VOC stains, or even better, put in pre-treated floors rather than raw wood that you then have to apply polyurethane over the top of,” says Tringale. He cautions sellers to “Make smart choices; otherwise you’re going to have a house that is really chemically offensive to buyers who are walking through.” For more information visit asthmaandallergyfriendly.com.
Emerald City Tops in Fun
Emerald City Tops in Fun
by Broderick Perkins
Looking to move just for the fun of it?
When Kraft Food's Ritz Cracker division commissioned Bert Sperling's BestPlaces.net to find fun in America, data that included outdoor recreation resources, fun spending, sports and recreation, in-home entertainment didn't point them to New York City or even Las Vegas as the top "FUNomenal Place."
No, Seattle, got the nod as No. 1 on the list of "Ritz Cracker FUNomenal Places."
That's because Emerald City residents have higher than average participation in social activities such as block parties and barbecues, they rank near the top in several other fun categories, including skiing, access to amusement parks, and a plethora of dog parts -- 17 in total.
Seattle residents also spend a high percentage of their income on doing fun stuff, including above average spending on gyms, sporting events, movies and theater, bicycles, and musical instruments.
Seattle is also surrounded by more verdant forests and parks than any other major U.S. metro area, and its nearby oceans, rivers, and lakes make the city a great location for fun.
Ritz released the fun town findings in conjunction with its 75th anniversary.
After Seattle came Minneapolis, MN; San Francisco, CA; Chicago, IL; Washington, DC; San Jose, CA; Los Angeles, CA; Boston, MA; San Diego, CA; and New York, NY.
California, with four cities in the Top 10, was the top state for fun and it's not just about the Sun.
San Francisco, CA was the top spot for active fun. City residents spend more money annually for their park system than any other city in our study, and with 26 off-leash dog parks, the City by the Bay had the most dog parks per person.
Who says tech geeks don't have fun. In San Jose, the capital of Silicon Valley, 400 hiking trails, high levels of spending on sporting events, movies, recreation lessons and bicycles; and nearby windsurfing, water surfing and snow sports makes it a hit for fun seekers.
Forget celebrity watching. Los Angeles scored high marks for its eight major amusement parks and a host of museums, sports teams and nearby state and local parks.
And San Diego year-round mild temperatures and dry weather make it tough to stay indoors and easy to spend the day surfing, windsurfing, biking, and running, according to the study.
The "Ritz Cracker FUNomenal Places" study evaluated 50 of the largest metro areas in the United States, and identified the most fun cities using a variety of data, including outdoor recreation resources, spending on fun activities, sports and recreation, and in-home entertainment, as well as participation in and spending on social activities.
Why Buy?
Why Buy?
by David Curry
I think I could base an entire blog on what I read in the Chicago Tribune each day. Why I even read the Tribune is a quandary to me, given that the paper reads more like the Huffington Post these days. From time to time I enjoy real estate writer Mary Umberger, although I think she's a little pessimistic on the market, and do think she ignores the real reasons that people buy houses for. And she ignores me when I write to her with article ideas.
Recently she wrote a little pros/cons section on whether or not it's the time to buy a house. Reasons to buy? High inventory, low prices, low interest rates, etc. Reasons not to buy? Prices still in decline, renting isn't a crime, financing is more complicated, etc. Good reasons Mary, but what about addressing the real reasons that people buy and don't buy? What if, instead of providing biased opinions from those on each side of the argument, we broke it down and really made it easy to figure out if it's a good idea to buy or not to buy? What if some people don't really buy because of interest rates after all, and what's all this garbage about a market bottom? What if people buy because they're confident and don't buy because they're scared and the rest of the reasons are just fluff? If people buy because of interest rates, why did anyone buy a home from 1980 to 1983? Interest rates aren’t the key, market indicators aren’t the key, lifestyle accomplishment is the key.
First, let's get this "market bottom' theory out of our way. I've said it before, and I'll say it again, market bottoms are only easy to identify once they've happened. Look at the stock market. By most accounts, we've been to the market bottom of this recession cycle.
Take a look at a stock chart, or individual stock hi/lows, and you'll see that most stocks hit their 52 week lows on March 5th of this year. Did you buy a a hundred thousand dollars worth of stocks on March 5th? If you did, you probably would have turned $100k into $300k pretty easily. What's that? You didn't buy on March 5th? But that was the market bottom! Why on earth didn't you buy? What's wrong with you? I really can't believe you were sitting there, at your computer screen, with Etrade account open, and you didn't pull the trigger on Citi at 97 cents.
See why market bottoms aren't too cool? Because when they happen, there's usually too much fear in the market to encourage buying. What is true for the stock market is also true of the housing market. Market bottoms sound great in theory, but they're just too darn hard to identify while they're happening. Instead of an identifiable bottom, why don't we just focus on a bottom trough, a trough that we're certainly in right now.
Movements to either side of this current point are going to be prevalent, which is why we'll see positive housing numbers one quarter, and negative housing numbers the next. We're in a sideways market, and I'd suggest we're in a market bottom that we'll stay in for another year or so. Jon Stewart fans, mock Jim Cramer all you like, but he's been saying that the time to buy a house is before June 30th, 2009, and he's probably going to prove to be right on the mad money with that recommendation.
So if we're in the market, why buy? Do you believe the market bulls or bears? Do you focus on Mary's 5 positive signs, or are you negative and you prefer to side with the cons? Go right ahead and rent for the rest of your life, and maybe, just maybe your landlord will let you paint a white wall tan. If you ask nicely. What if you just let the 5 reasons to buy and the 5 reasons to wait cancel each other out, and buy for lifestyle. Housing bull? No thanks. Call me a lifestyle bull. A lifestyle bull in a confidence sapped china shop. Buy because that house you grew up admiring just came on the market. Buy because you‘re confident in your job status, and that new development just slashed their prices 35%.
Buy because you really can't stand the heat in the city on the weekends. Buy because cool lake breezes are better than warm alley breezes any day of the week. Buy because you’ll walk a little taller if you live on that street where the Maples high overhead reach across the street and shake hands with each other Above all, buy because you want a better lifestyle for you, for your friends, and for your family, and the purchase you’re contemplating allows you to more easily obtain that lifestyle.
If you need fundamentals to buy, realize that interest rates are unbelievably low, even if they're not 4.5% like Obama told you they would be. Realize that whether or not the market bottoms, you're not going to know when it does. If you're hoarding cash hoping for market bottom balloons to be released from the unicorns in the sky, I hope you have fun swimming in your money vat a la Scrooge McDuck. Just buy because of the 320 months of summer we're all hoping for out of life, way too many of them have already been wasted worrying about 5% market swings, and 5% interest rates.
David Curry is a Realtor at Geneva Lakefront Realty in Williams Bay, Wisconsin. He writes a blog at genevalakefrontrealty.com/blog.
Real Estate Outlook: Mortgage Rates and Inflation
Real Estate Outlook: Mortgage Rates and Inflation
by Kenneth R. Harney
Most of the key economic indicators for real estate continue to be at least moderately positive -- home sales are up, prices are stabilizing or up, unsold inventories are down, and even new unemployment filings are down slightly.
But there's a storm cloud looming on the near horizon that everybody needs to keep an eye on: Mortgage rates have been moving up -- fast. Bond market investors are spooked by the federal government's massive borrowings to pay for the stimulus and the deficit.
They're worried that serious inflation may be coming and they're demanding higher rates on the ten year Treasury bonds that are the benchmark used to price mortgages.
But let's focus first on the positive side of the ledger: A key housing price index released last week suggests that the long-awaited turnaround may be underway. The Integrated Asset Services Index - which is based on data from 15,000 local market segments around the U.S. -- went flat on a national basis in May for the first time in a year.
Prices in the Northeast were up by six tenths of a percent for the month. In the Midwest they rose by one tenth of a percent, they were down slightly in the South, and flat in the Western region.
Now that might not impress you, but David McCarthy, CEO of the research and services firm, said flat means bottoming out - and in his words, "that's encouraging (for housing) for the long term."
In some California markets that had experienced severe hits during the darkest days of the bust, the price changes for the month were larger than the national numbers.
San Bernadino prices gained 1.1 percent between April and May. Monterey saw a 3.7 percent increase and Sacramento homes were up four tenths of a percent.
Meanwhile, ZIP Realty's monthly national survey of unsold housing inventories found the number of MLS listings in 28 major markets down by 4 percent in May, and by 24 percent from year-earlier levels.
Now on to the sobering news on mortgage rates: No one can predict precisely how high rates are headed, but in the past two weeks they've jumped by more than a percentage point. The Mortgage Bankers Association reports that last week alone average 30-year fixed rate jumped to 5.6 percent from five and a quarter the week before.
Some analysts project rates to hit and surpass the 6 percent mark if current trends continue.
Bottom line: Given that house prices have turned around, and interest costs are soaring, value-conscious shoppers need to get their contracts and loan applications in -- quick!
Kenneth R. Harney writes an award-winning, nationally-syndicated column on housing and real estate from Washington, D.C. He is also managing director of the National Real Estate Development Center, a professional education company. He is a past member of the Federal Reserve Board's Consumer Advisory Council, a committee that by federal statute reviews all Fed actions on home mortgage, consmer credit and banking industry regulation.
He served as a member of the U.S. Department of Housing and Urban Development's Working Group on Computerized Loan Origination (CLO) systems, and is a member of the Editorial Board of the Fannie Mae Foundation's journal, Housing Policy Debate. He is the author of two books on mortgage finance and real estate.
The Square-Footage Shocker!
The Square-Footage Shocker!
Today's Real Estate News Provided by Inman News
MLS data conflicts with appraiser's measurements
Benny Kass
Inman News
DEAR BENNY: In December 2007, I took title to a condominium unit that was listed on the MLS (multiple listing service) as being 1,017 square feet, according to the public records. Recently, I was going through a real estate handbook that I own, and it suggested that I have a copy of the appraisal in my files. Since I didn't have one, I requested a copy from my bank. I was shocked to find that the bank found the square footage to be 864 square feet, not 1,017.
Before I took title, my real estate agent met the appraiser at the condo unit and said that I didn't have to be there. The day after the appraisal, I called my real estate agent to ask if everything went OK and she said yes.
Did my real estate agent have legal responsibility to point out the discrepancy? And can title insurance help me claim anything financially at this point? Do you have any other suggestions on what I should do? --Larry
DEAR LARRY: There is an old expression that when there are two lawyers, there will be three opinions. In real estate, when you are trying to analyze square footage, you may actually get four or five opinions.
Measuring square footage has become a hotly debated topic to which there is no definitive answer. Although there are industry standards when measuring single-family houses and office and apartment buildings (which are often ignored anyway), to the best of my knowledge there are no such industry standards for measuring condominium and cooperative apartments.
The American National Standards Institute (ANSI) has published a document entitled "Square Footage -- Method for Calculating" (ANSI Z765-2003). However, it applies only to single-family houses. For attached properties (such as townhomes, which we used to call "row houses"), ANSI states that "the finished square footage of each level is the sum of the finished areas on that level measured at floor level to the exterior finished surfaces of the outside wall or from the centerlines between houses, where appropriate."
Note the words "exterior" and "centerlines."
In a condominium unit, however, developer attorneys who prepare the legal documents tell me that they try to get the engineer who is preparing the measurements to follow the unit boundaries as are spelled out in those documents.
In a condominium, there are two important legal records: the declaration and the bylaws.
The former creates the condominium and contains basic concepts, including a definition of units, common elements and limited common elements.
Here's an example of a definition of a unit from a local District of Columbia declaration:
"Each Condominium Unit includes the horizontal space between the Unit side of the exterior walls of the building and the finished walls separating the Unit from corridors, stairs, and, where applicable, to the surface of the finished walls of those interior walls which separate one Unit from another Unit. Each Condominium Unit also includes the vertical space measured from the (topside) surface of the subflooring to the finished (exposed) surface of the ceiling of such Unit."
Note that this refers only to the inside of the unit. In my opinion, that is how condominium square footage should be measured.
However, many developers have opted to go the ANSI route -- namely measuring from the centerline of the walls between the units. If, for example, the outside wall is 12 inches thick, that would add at least half a foot more to the overall area.
One calculates square footage by multiplying a room's length by its width. Thus, a room that is 12 feet by 18 feet will contain 216 square feet. However, if you add the 6 inches to our example, you get a little more than 231 square feet -- but no more usable (livable) space in your unit.
Why do developers want to increase the square footage? There are two reasons:
First, too many potential homebuyers are literally "hung up" on the amount of space they will get; using the "centerline" approach clearly makes the unit more attractive.
Second, adding more space will decrease the cost "per square foot," which is yet another issue of major concern to a number of consumers. In our example, if the unit price is $400,000, 830 square feet equates to $481.93 per square foot, whereas the centerline approach brings this number down to $465.11 a foot ($400,000 ÷ 860).
So to answer your questions: No, title insurance will not assist you. Square footage is not a title issue. As for the real estate agent, if she learned of the discrepancy before you took title and did not tell you about this, she may have breached her duty to you. But, as discussed above, it may very well be that both numbers are correct -- depending on which formula you use.
DEAR BENNY: We purchased an investment property in another state and have discovered the assessor's records are incorrect. When I called them they faxed me a copy of the "Certificate of Value" that had been recorded. This certificate shows the wrong address (street number) and wrong purchase price. Although the assessor shows the correct address, they show a higher purchase price ($539,000 vs. $419,900).
Will this make any difference down the line? And how can I go about getting this corrected? The company that generated the certificate is no longer around. --Teresa
DEAR TERESA: If your assessment is based on the higher figure, then you are paying more real estate tax than you should. And hopefully when the market turns around, that higher assessment will be going up.
So you should take steps to correct this immediately. Two suggestions: First, from my experience, most if not all states have an appeal procedure whereby you can challenge the assessment. The state in which your property is located may have a Web site that explains the appeal process. If not, call the assessor's office and ask them how to go about appealing. Alternatively, a local lawyer in the county where your property is located should be able to assist you.
DEAR BENNY: My wife and I moved out of state, vacating our home, in order to find new employment. We can't afford renting our new home while paying our mortgage. We'd barely break even selling our house and we want to simply transfer the deed over to the mortgage company. Is this just a quitclaim deed transfer? I see some online services to transfer a deed. What do I need to be wary of? --Jerry
DEAR JERRY: You are talking about a "deed in lieu of foreclosure" (commonly called a "deed in lieu"). You cannot unilaterally give your house back to the lender; the lender must approve the action. So you have to discuss the situation with them. The lender may decide that it's cheaper to take the deed than to foreclose. On the other hand, the lender may also take the position that they will be stuck with your house, and have to pay real estate tax and insurance, and may reject your proposal.
Talk to a real estate agent to try to sell. Breaking even is better than losing money. Alternatively, see if you can arrange a short sale.
DEAR BENNY: Last year there was a condominium assessment I was unaware of. It was brought to my attention six months late, because all paperwork was being sent to the old owner. I have resided in my property now for almost two years.
I had contacted the condo association and they turned it over to a lawyer. I contacted the lawyer and told them I can pay it off monthly and have been sending them an extra $100 a month on a $700 assessment, but it wasn't good enough. Now, they plan to sue me.
I spoke to the management office and was told that if I pay half and make four payments they will stop charging me any late fee. The balance is almost $3,000. I am not behind on my mortgage. Can I lose my condo even when I'm trying to pay this off? And on top of that the monthly association payment went up two months ago -- and again I was never informed. I need legal advice. --Kevin
DEAR KEVIN: I do not provide legal advice in this column, only general advice and hopefully helpful suggestions. Have you discussed the situation with your condominium board of directors? You should make that effort, and explain the entire situation. Perhaps they will be more realistic.
Otherwise, you should retain local counsel to assist you. However, I have a major concern. What efforts did you make to inquire why you were not getting any bills from the condo association? Clearly, you knew that you had to pay a monthly (or quarterly) condominium fee. Frankly, while I understand your concerns, I really don't have any sympathy based on facts you gave me.
Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. Questions for this column can be submitted to benny@inman.com.
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What's your opinion? Leave your comments below or send a letter to the editor. To contact the writer, click the byline at the top of the story.
Copyright 2009 Benny L. Kass
More Women Making Impact on Custom Home Building Market
More Women Making Impact on Custom Home Building Market
by Peter L. Mosca
Cathleen Gallagher could have bulldozed the home at 750 Toyopa in the glorious Huntington Palisades (CA) and turned over the rebuild to a "different" kind of builder. She could have hired someone to plan where each room would go, how they would work together to create the home’s flow, and pick all the finishes.
After all, men dominate the home building industry, and when it comes to custom homes, women are but a speck on the builder spectrum. Which is unfortunate, given the fact that, if Gallagher’s home--a magnificent display of smart floorplan choices and exquisite finishes--is any indication (and it is), women make mighty fine custom homebuilders.
"The reality is that the larger-scale builders have invested a lot of money to get a female perspective on their product, usually through the services of an interior designer," said Tom Weston, president/CEO of Weston/Mason Marketing, a top Los Angeles-based independent advertising agency. "Typically these builders are male, and while very talented and capable of overcoming enormous challenges, they do sometimes overlook some of the realities of building a home that works for today’s family, which means emphasizing the woman’s perspective.
“In the custom market, it’s about anticipating needs at a more personal and detailed level," he added. "Someone who naturally comes equipped with the female perspective and who also brings the necessary building/planning/designing skills offers a tremendous advantage." National Association of Home Builders (NAHB) Women’s Council statistics from 2007 show that of the 2.8 million home construction firms in the U.S., only 201,000 of them are owned by women. Yet women play the major role in up to 91 percent of home purchases. It’s not hard to figure out the cavernous void that is being left--one that talented builders like Gallagher can ably fill.
“It’s not only that women make more of the home buying decisions; it’s also that they decide differently," said Dave Harding, CMP, an NAHB National Sales Manager of the Year and Principal, Western Market Forces. "The single-greatest identifiable group of prospects--indeed constituting a majority of the population--is women. Male builders try to design homes then merchandise them to appeal to that largest demographic. But just as women (and men for that matter) dress for other women, what is more logical than women building for women? Not to exclude men, but to supplement man-think.
“Women are more often heads of state, secretaries of state and practitioners of real estate," he added. "But, so few are actual builders. Look at the annual reports of the biggest public builders and you'll see few pictures of women in leadership positions. It’s a huge missed opportunity. Cathleen has a built-in constituency. Her design and execution are superb. Not superb as a woman builder. Superb for a builder." The Toyopa property was the first that Gallagher built, with seven more to follow in the past five years, and the intensive process she endures remains the same.
“When I look at a property before I buy it, I know what it will look like finished and how it will live," she said. "I imagine everything from the style of the home to the rooflines to how the individual rooms will look." Gallagher does all of the preliminary planning herself, and then turns over the plans to her architect for hand drawing. With finished plans in hand, she oversees the build every day on site to ensure that her vision is fully realized.
“The flexibility it would give me as a mom (to two daughters with her commercial director husband) was also important," she added. "And, I saw there was a need for a woman’s touch, especially among the Pacific Palisades spec builders. In this niche, there were a lot of the same finishes and a pretty consistent lack of individuality. I wanted to bring together a great layout, great functionality, and exceptional style. I asked myself how a house could best function for both a man and a woman to be happy, and then I started designing."
Bond Yields Push Mortgage Rates to Highest Level in Seven Months
Bond Yields Push Mortgage Rates to Highest Level in Seven Months
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the | |
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